A road to build a dream on
THE Cape Atlantic seaboard’s Bantry Bay, more specifically Ravine Road, has always been one of the most sought-after roads on the Atlantic Seaboard, says Lance Cohen of Seeff Properties.
He says that Bantry Bay is so popular because it epitomises the feeling of an ideal location.
“Ravine Road provides 180 uninterrupted sea views. Its location is somewhat separated from the hustle and bustle of Victoria Road on the beach front and it is easily accessible to other roads on the Atlantic seaboard.
“Ravine Road is without a doubt one of the most exclusive areas on the Atlantic seaboard, ranking with the ever-popular Nettleton Road and Ocean View Drive,” he says.
Currently on his books is a fivebedroom, five-bathroom Bantry Bay home. He describes it as a villa of grand proportions that has sufficient accommodation for a large family and has a substantial levelled garden.
He says that aside from being well positioned in a quiet cul-desac, it is rare to have such a big garden area in Bantry Bay.
The living areas include a TV room, an office, a designer kitchen with integrated appliances, and a sun-filled library that leads out to water features in the courtyard, and a separate laundry.
Other features featured in the property include an elevated rose garden with Jacuzzi and pool, and four covered entertainment patios.
There is a separate flatlet for staff, and a guard house.
Commenting on the market in general, Cohen says that it is very tough at the moment.
“The market seems to have levelled out, and has come down 10% to 15% across the board. The areas I work in are not as affected, since moneyed people tend to be able to hold on to their properties better than those who are mortgaged to the hilt, although there have been a few sales-in-execution in my area.”
It makes sense then that following the global economic crisis sales volumes in Bantry Bay have decreased.
“Buyers in the Cape Town market have begun to follow a standard of extreme specifics with regard to the property they are searching for. Furthermore, the expectations and realities of what is actual market-related or market value is somewhat exaggerated.
“It is however always apparent that international buyers, as well as the local buyers who were largely unaffected by the economic crisis, continue to purchase properties in Cape Town,” says Cohen.
Knowledge Factory’s SAPTG statistics indicate that in the 2010 period, 25 full-title properties have been transferred, which is only four less than recorded in the boom year of 2005.
With a median house-price value of R7,14m for full-title homes during the this period, it is clear that investments here have retained their value.
Furthermore, Knowledge Factory’s SAPTG figures indicate a 46% appreciation for full-title homes over the past three years, with the five-year trend reflecting a 124% growth.
Cohen says he has seen a new trend developing in Bantry Bay and Fresnaye, with more younger buyers in their late twenties to late thirties searching for their first family home in these areas.
He says that over the past year he has also experienced an increase in buyers searching for plots or knock-downs, as they prefer to start afresh with their own creative concepts rather than spending a fortune on renovating an old house.
Prices in Bantry Bay start at about R8m to R10m for a one or two-bedroom apartment, and range up to between R20m and R100m in Bantry Bay, Fresnaye and Clifton.
Cohen emphasises the importance of spatial flow for buyers who are looking to purchase property in these areas.
“Disjointed and compartmentalised properties are a thing of the past. Any such property becomes an immediate deterrent for a prospective buyer, not to mention a massive headache for the buyer’s architect. Properties occupying a large stand, or that are configured over multiple levels, generally require an inside elevator, which seems to be the general trend.”
Our featured home was originally built in the early 1900s, but was recently completely renovated with architectural input provided by Mark Zuckerman, of Zuckerman Sachs.
The renovation project, which took two years to complete, included a complete overhaul of all electricity, plumbing and the kitchen and bathrooms, among other areas.
This has resulted in a home with a wonderful old-world charm but that is fitted with all the modern amenities.
The owner’s favourite features include the back pool and Jacuzzi because of the privacy they afford, along with the lift with direct easy access, the views on all levels and especially the deep-set balconies and the amazing sunsets. Price: R29,95m Contact: Seeff Properties Lance Cohen 082 416 6103 Office 021 434 9175